Merged Bitcoin - Part 3

[psionl0]

biggest difference between online banking and bitcoin though is that with online banking you’re moving around tokens that represent currency.

Most currency exists in the form of bank account balances. We don't have tokens representing bank account balances.

 

[dirtywick]

ok

 

[Andy_Ross]

I can go to the bank and withdraw my balance in the form of metal tokens.

 

[psionl0]

I can go to the bank and withdraw my balance in the form of metal tokens.

Do you know the difference between "most" and "all"?

 

[Andy_Ross]

But we do have tokens representing balances.

 

[psionl0]

But we do have tokens representing balances.

No, we have balances representing tokens. It isn't called "fractional reserve banking" for no reason.

 

[Andy_Ross]

But I can get tokens if I want them instead.

 

[psionl0]

GOTO 4624

 

[dirtywick]

But I can get tokens if I want them instead.

yeah that's actually pretty important. something most and all have in common is that they're both greater than none

 

[Andy_Ross]

When I first started work my wages were paid every Friday in tokens.

 

[psionl0]

When I first started work my wages were paid every Friday in tokens.

Wow! That changes everything! Bank accounts can't be used for transactions after all.